Case Study On Information Disclosure Violation Of ST Kunming Controlling Shareholders

Information disclosure plays an irreplaceable role in regulating the behavior of controlling shareholders,protecting the interests of small and medium investors and improving the efficiency of market resource allocation.Real,full,timely and comprehensive information disclosure is the legal obligation of the controlling shareholder of a listed company,and it is also an important basis for investors to make decisions.However,there are still a large number of controlling shareholder information disclosure violations in our country,and it has been repeatedly prohibited.This is seriously contrary to the principle of good faith,even ignoring laws and regulations.This behavior not only greatly damages the interests of small and medium investors,but also is not conducive to the healthy and stable development of the securities market.To this end,this thesis uses a combination of theory and case to study related issues.The special group of controlling shareholders who violate the rules of information disclosure is the research object.It analyzes and studies the information disclosure violations of ST Kunming's controlling shareholders,and analyzes and tests the violations in depth.Behind the motives and put forward the normative recommendations.Based on the theory of controlling shareholders' information disclosure violations,this paper selects ST Kunming,a representative listed company of state-owned enterprises,and starts from the appearance of information disclosure violations of Shenyang Machine Tool Group,the controlling shareholder of ST Kunji,and analyzes the violations of ST Kunming's controlling shareholders.Inducing factors,according to the specific violations of ST Kunming's controlling shareholder,research and analysis of cases from internal control and external environment,and deepen the motivation of information disclosure violations,such as the ambiguity of management and governance,and related The lack of the integrity mechanism of the main body,the lack of internal supervision of the company,the lack of supervision by the regulatory authorities,the lack of diligence of financial consultants,and the lack of relevant legal systems have contributed to the subsequent violations.This paper chooses the research method of point-to-face,through the analysis of the motivation of ST Kunming's controlling shareholder's violations and its consequences,and then puts forward effective rectification suggestions for the widespread violation of information on controlling shareholders' information disclosure.For the controlling shareholders' violations,it is necessary not only to strengthen internal governance and improve external supervision,but also small and medium-sized investors need to strengthen relevant awareness of rights protection.